SIA rises to No 18 in Fortune Top 50
Singapore
SINGAPORE Airlines (SIA) has moved up the Top 50 rankings of Fortune magazine's annual World's Most Admired Companies, rising to 18th spot this year from last year's 31st position, and remaining the only local company to make the top 50.
US firms dominated the list - 42 of the 50 - with heavy-hitters such as Apple, Amazon, Google, Berkshire Hathaway and Starbucks in the top five. Other Asian companies which also made an appearance were South Korea's Samsung (21) and Japan's Toyota (25).
"With its roster of separately branded travel networks - SilkAir for regional flights, Tiger for low-cost trips, and Scoot for long-haul travel - SIA has cashed in on the expansion of Asia's urbanisation and its growing middle class that wishes to travel beyond the continent's major metropolitan hubs," Fortune said.
Last month, SIA reported a 65 per cent drop in net profit to $50.1 million for the third quarter ended Dec 31, 2013, dragged down by exceptional items as well as share of losses and one-off items from associates. Revenue was flat at $3.87 billion, as the carrier battles lower yields and stiff competition.
Shares in SIA closed at $10.22 yesterday, down three cents.
